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Developers, politicians call for a change to condo law
Panelists at the seminar,
including (from left) Pattaya Business and Tourism Association President,
Jamroon Vitsavachaipan; Pattaya City Mayor, Ittipol Khunpleum; Tourism Authority
of Thailand Chairman, Weerasak Kowsurat; Knight Frank Chartered (Thailand)
Director of Residential Department, Frank Khan; Raimon Land Director of Sales
and Marketing, Henri Young; and Assoc Prof Trirat Jaruthat from Chulalongkorn
University, called for an increase to be made in the amount of condominiums
available for purchase by foreign buyers.
At the recent real estate and tourism seminar held at the
Amari Resort & Tower in Pattaya on March 27, panellists called for an increase
to be made in the amount of condominiums that foreigners are able to buy in
developments in Thailand.
The panellists, including executives from Raimon Land PLC., Knight Frank
Chartered (Thailand) Co., Ltd., Central Pattana PLC, and the Pattaya Business
and Tourism Association, suggested that increasing the foreign quota at
condominium developments would stimulate the property market and the economy,
and create the structure to attract investment from the home retirement market.
They said increasing the quota could attract an additional THB6 billion in sales
across ten current projects in Pattaya alone, while pointing to the strong
international demand that still exists, as seen in the jump in foreign enquiries
into projects in Thailand, many of which have filled their 49% foreign quota.
Raimon Land Director of Sales and Marketing, Henri Young, said: “In 1999, the
government put a special policy in place that opened up the foreign quota for a
limited time to encourage investment. Perhaps the current administration could
consider doing the same in response to current market conditions.”
Raimon Land contracts Bouygues Thai to build The River condominium
Ramon Land CEO Hubert Viriot (center left) shakes
hands with Bouygues-Thai’s Managing Director, Jean-Marie Verbrugghe (center
right), accompanied by executives of both companies at the construction site of
The River condominium project.
Luxury property developer, Raimon Land, has signed with Bouygues Thai, the local
subsidiary of leading global construction conglomerate, Bouygues Construction,
to carry out the main building works at The River, Bangkok’s most exclusive
riverside condominium development.
This phase of the project, which commenced in late 2008 with a targeted
completion date in the first quarter of 2012, is the main building works for the
72- and 42-floor twin residential towers together with a five-storey podium
comprising a total of 105,000 square metres of sellable floor area.
Raimon Land’s Chief Executive Officer, Hubert Viriot, said the company was
pleased to extend its working relationship with Bouygues Thai, which will ensure
that the building is delivered to the buyers at the original high specifications
and standards.
“We selected Bouygues due to their considerable worldwide experience at similar
prestigious high-rise buildings that they delivered on time and within budget,
which is especially significant to our clients during the current economic
climate,” Viriot said.
Bouygues Thai are currently demonstrating the quality of their construction at
Raimon Land’s Northpoint development in Pattaya.
Bouygues Thai Managing Director, Jean-Marie Verbrugghe, said: “I am extremely
pleased to be extending our relationship with Raimon Land for the construction
of Bangkok’s most iconic condominium project that will transform the Chao Phraya
River area into the most exclusive residential community in Bangkok.”
The 851-unit The River condominium project is the focal point of Raimon Land’s
overall initiative to develop and promote an upscale lifestyle community along
the banks of the Chao Phraya River.
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